Regulatory Alerts2013-06-05
Regulation on Exchanging Mutilated Foreign Banknotes
The Bank of Mongolia issued this regulation to standardize the exchange of valid but damaged foreign banknotes by commercial banks and its own departments. It defines criteria for worthless versus exchangeable notes and mandates that banks either process claims directly or route them through the central bank for major currencies like the USD, Euro, Yen, and Pound. The central bank acts as an intermediary for foreign institutions while explicitly disclaiming liability for exchange outcomes and charging a 10 percent fee on submitted values.
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